Markandey Katju, J. - (1.) This appeal has been directed against the judgment and order No. 158/06-Cus dated 24.5.2006 in Appeal No. Cus/895/2004 of the Customs, Excise and Service Tax Appellate Tribunal, New Delhi.
(2.) The dispute in this case is about the assessable value of a 1993 model Rolls Royce car imported by the appellant in 1996. The Bill of Entry of the car was filed at the customs barrier by the appellant on 31.8.1996. The dispute is about the question whether depreciation should be allowed on the car for the purpose of valuation for the post import period.
(3.) Under Section 14 of the Customs Act, 1962 (hereinafter referred to as the Act), the valuation of the car must be based on the price at the time of the import of the goods. Section 15 of the Act makes it clear that the rate of duty and tariff valuation has to be determined on the date on which the Bill of Entry in respect of such goods is presented under Section 46 of the Act vide Shah Devchand & Co. and Anr. v. Union of India and Anr. 1991 ECR 1(SC) . Hence, in our opinion, the Tribunal was right in holding that post import depreciation cannot be taken into account, despite the fact that while the Bill of Entry of the car was presented in 1996, the clearance was given on 28.3.2005.;